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“Here we have a financially responsible woman who made the mistake of being a friend to someone else instead of a friend to herself,” financial expert Suze Orman says about an audience member on the latest episode of America’s Money Class with Suze Orman on OWN.

The network and ForbesWoman partnered up to provide a preview of each show before it airs. Tonight, Orman reveals the financial mistakes that could haunt you forever. She explains what not to do when it comes to mortgages, student loans, debit cards and short-term investing. Here’s a closer look.

Mistake No. 1: Cosign A Loan

Orman talks to one single mom, Sibylla, who agreed to cosign a home loan for her friend. But when the housing market tanked and the friend couldn’t make her mortgage payments, the burden fell to Sibylla. The friendship disintegrated, Sibylla’s FICO score dropped from an outstanding 803 to a troubled 616, and she’s no longer sure if she can continue paying for her child’s school.

“Never cosign a loan,” counsels Orman. “Once you have cosigned, you cannot get out of it--even on your deathbed.” Financially, there’s nothing Sibylla can do. Moreover, Orman warns that if the bank agrees to a short sale of the home—for example, it’s sold for $100,000 rather than the purchase price of $250,000—then the difference may be taxable starting in 2013 unless you are technically bankrupt.

Mistake No. 2: Take Out Private Student Loans

Orman talks to one young woman, Britney, who made several money blunders. She has about $130,000 in private student loan debt after attending a private college to study documentary film-making. “Huge mistake,” Orman exclaims. “Private student loans should be avoided at all costs.” She says the interest rates are not fixed and can continue to go up throughout the course of repayment. And, unlike federal loans, they cannot be consolidated.

Additionally, Britney’s father cosigned for some of the loans. If she died, the father would likely still be responsible for paying them. Orman advises that she take out a term life insurance policy to cover the cost of the loan in case something happens to her. Finally, her husband took out $30,000 from his 401k retirement fund to help pay down the student debt. “Never do that,” Orman says, noting that money in a 401k or IRA is protected from bankruptcy. She advises paying down the loans as quickly as possible without tapping retirement money.